The internet of things (IoT) is referred to as a network of
physical devices which uses connectivity to facilitate the exchange of data. In
addition, in the healthcare sector, IoT is used for the data collection,
analysis for research and monitoring electronic health records which comprises
of protected health information, personally identifiable information and for
other machine-generated healthcare data. Additionally, the IoT applications in
healthcare enable crucial tasks such as to better patient outcomes, and also
take certain burden off health practitioners. Internet
of thing (IoT) technology has the ability to transform the conventional
paper-based healthcare treatment by making easy access to real-time patient
data and remote patient monitoring. The advent of this digital healthcare
technology has addressed the impending requirement for improved diagnostics and
targeted therapeutic tools. In addition to this, it not only offers remote
patient monitoring to physicians but also acts as a fitness and wellness
tracker for athletes and a dosing reminder for patients. The successful application
of IoT in remote monitoring of diabetes and asthma patients, along with the
high penetration of fitness and wellness devices, has created a major demand
for the IoT healthcare market. Moreover,
the big data analytics is the rapidly-emerging concept in IoT. The demand for
big data analytics incorporates the most recent innovation in machine learning,
logical methodologies, computational intelligence, and data mining. Various
healthcare experts, along with the payers and providers, are now analyzing big
data to attain complete knowledge. However these efforts are still in their
early stages, they are projected to collectively support tackle the industry-associated
problems concerning inconsistency in healthcare quality and escalating
healthcare expenditures. In addition, the developments in the
quality of people's daily health and life activities, as well as big data
analytics, to help and promote such research activities, are few of the other factors
propelling the IoT in healthcare market growth, as IoT-based healthcare systems
play a significant role in the growth of medical information systems. Tracking,
tracing and monitoring of patients are crucial to improve the healthcare system.
On the other hand, the data privacy and security issues will likely to impede
the market.
Moreover,
the governments in various countries have undertaken initiatives for encouraging
digital health. The initiatives includes heavy investments for setting up the
requisite infrastructure and the promotion of digital health, arranging
conferences, inviting investors and top market players which will provide key
opportunities for the market growth.
The
global IoT in Healthcare Market is segregated on the basis of component as Devices,
System and Software and Services. Based on Application the global IoT in
Healthcare Market is segmented in Patient Monitoring, Clinical Operation and
Workflow Optimization, Clinical Imaging, Fitness and Wellness Measurement and Drug
Development. Based on End User the global IoT in Healthcare Market is segmented
in Healthcare Providers, Patients, Healthcare Payers, Research Laboratories and
Government Authority.
The
global IoT in Healthcare Market report provides geographic analysis covering
regions, such as Europe, North America, Asia Pacific, and Rest of The World.
The IoT in Healthcare Market for each region is further segmented for major
countries including the U.S., Canada, Germany, the U.K., France, Italy, China,
India, Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM, R-Style
Labs, Medtronic, Cisco, GE Healthcare and others are among the major players in
the global IoT in Healthcare Market. The companies studied in terms of product
strategy and various n several growth and expansion strategies to gain a
competitive edge in the market. The major players not only follow value chain
integration with business operations in multiple stages of the value chain.
- In
January 2019, IBM and a medical device company Medtronic collaborated as to
create IQcast, a predictive tool incorporated into Metronics’ Sugar.IQ app for
diabetic patients who need various daily injections. By implementing machine
learning algorithms to readings from Medtronics’ Guardian Connect continuous
glucose monitoring system, IQcast can estimate the likelihood which a person
will experience a low-glucose event within 1-4 hours and recommend proactive
steps to minimize the chances of future dips.
- In April 2019, Royal Philips and Spencer
Health Solutions extended their partnership to provide in-home medication
adherence and the telehealth platform of Philips to severely ill patients in
selected European Union (EU) countries.
The global IoT in Healthcare Market has been
segmented as below:
IoT in
Healthcare Market, By Component
- Devices
- Implantable Sensor Devices
- Wearable Sensor Devices
- Others Sensor Devices
- System and Software
- Network Layer
- Database Layer
- Analytics Layer
- Services
- Architecture
- Consulting
- Application Development
IoT in
Healthcare Market, By Application
- Patient Monitoring
- Clinical Operation and Workflow Optimization
- Clinical Imaging
- Fitness and Wellness Measurement
- Drug Development
IoT in
Healthcare Market, By End User
- Healthcare Providers
- Patients
- Healthcare Payers
- Research Laboratories
- Government Authority
IoT in
Healthcare Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
IoT in
Healthcare Market, By Company
- IBM
- R-Style Labs
- Medtronic
- Cisco
- GE Healthcare
- Microsoft
- Stanley Healthcare
- Apple Inc
- Abbott Laboratories
- Google
- Cerner Corporation
- Sciencesoft
- Softweb Solutions
- Welch Allyn
- Resideo Technologies
- Comarch SA
The
report covers the below scope:
- Global IoT in Healthcare Market
sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global IoT in Healthcare Market
trends, covering comprehensive range of consumer trends & manufacturer
trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global IoT
in Healthcare Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global IoT in Healthcare Market report scope
includes detailed study covering underlying factors influencing the industry
trends. The report covers analysis on regional and country level market
dynamics. The scope also covers competitive overview providing company market
shares along with company profiles for major revenue contributing companies.
The report scope includes detailed competitive outlook covering market shares
and profiles key participants in the global IoT in Healthcare Market share.
Major industry players with significant revenue share include IBM,
R-Style Labs, Medtronic, Cisco, GE Healthcare and others.
Why to
Buy this Report:
- Gain detailed insights on the IoT in Healthcare
industry trends
- Find complete analysis on the
market status
- Identify the IoT in Healthcare Market
opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement